Using Data Analytics to Improve Customer Experience for Your Insurance Agency

Using Data Analytics to Improve Customer Experience for Your Insurance Agency

Insurance marketing is tricky. Just when you think that you understand your clients or you have plans to market in a certain way, the market shifts and the ways of marketing shift. This is especially true in times of great change, such as the economic shifts brought about by the pandemic and the changes that insurance clients are experiencing due to forest fires, floods, and hurricanes. How can your insurance agency use data analytics to be flexible and adaptive in insurance marketing?

Data Analytics to Assist with Insurance Marketing 

What can data analytics help you do when you’re insurance marketing? Data can help you understand:

  • Who your insurance clients are
  • How they are different from each other
  • What interests them
  • What sent them to your business specifically
  • What makes them stay

All of this information is extraordinarily valuable, particularly today when the expectation is for more personalized service.

Understanding each client you work with can help you develop insurance messaging for specific needs.

Personalize Your Approach to Insurance Marketing 

According to PWC, “A personalized customer approach is still fairly new in insurance, but the companies that are getting it right have lowered acquisition costs, increased customer satisfaction, and gained a corresponding competitive advantage.” This kind of “bespoke” service is what people are looking for from their insurance providers. What does personalized service look like?

  • Providing information that addresses clients’ specific questions and concerns
  • Developing products that are customizable to address clients’ specific needs
  • Understanding why clients come to your business
  • Understanding why clients leave and what you can do to prevent this
  • Knowing how to inspire clients to recommend you to others

By understanding each client, you can improve that person’s customer experience. This means that you can draw new clients in, encourage them to stay, and encourage them to be enthusiastic ambassadors for your company.

How to Gather Your Data for Marketing

Data can help you create the personalized experience that your insurance clients want, but how do you gather it, and what data should you gather?

  • Define what insights you need about your clients, and prioritize them when you gather data. Don’t gather data about everything. Gather data about what is important to you.
  • According to  Exponea, you also need to “collect the right type of data (identity, quantitative, behavioral, and qualitative) and [that’s] coordinated around the customer rather than channel or device.” Your insurance clients are who matters most, not the channel.
  • Use third-party data, such as the website visits that come from advertising, to gather additional insights about your insurance marketing.
  • Use tools such as HubSpot to efficiently gather information about your clients and your different ways of marketing. This allows you to accumulate and track your data more easily.
  • Regularly meet with your team to review your data collection practices and what data you collect. This helps you collect more targeted data.

The American Agents Alliance has spent years bringing insurance agencies like yours together. When you’re working on your insurance marketing plan, we can help. From assistance with warm leads to networking and education opportunities to help you learn more, contact us to see how we can help your insurance agency grow.

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